Zipmark Grabs $2M to Develop Mobile Payment System

Share

New York-based startup Zipmark has raised $2 million in seed funding, according to a press release. Village Ventures and Contour Venture Partners led the funding round, which also included NYC Seed, High Peaks Venture Partners, and several angel investors.

Zipmark allows people to use their smartphones to send money from their bank accounts directly to merchants. The app also enables people to pay charges they receive on paper invoices that include QR codes—the specialized bar codes that smartphones can read. Zipmark charges vendors fees of 1 percent per transaction, with a cap of $5. The company said in the statement it will use the funding to further its goal of “bringing the checkbook into the 21st century.”